map courtesy of HotPads (click on it to make larger)
The real estate search site Trulia has released a survey suggesting that most Americans are uncomfortable with the idea of buying a foreclosed home.The survey found that about half of buyers would consider looking at a foreclosed property but two-thirds conceded they felt there were “negative aspects” related to such a purchase, including hidden costs, the possibility its value would decline and other risks.
Other findings from the survey showed:
- Single/never married adults (60%) are more likely to consider purchasing a foreclosure versus married (50%) or divorced/separated/widowed adults (50%).
- Males are more likely to purchase a foreclosure compared to females (57% versus 51%).
- Younger adults (18-34) are more than twice as likely to purchase a foreclosed home than adults 55 and older (69% versus 32%).
- 20% of adults said that having a personal connection with someone who lost their home to foreclosure is a negative aspect of purchasing a foreclosed home.